GAAP TRAP IS THE DEBT GAAP ... DEATH OF THE GREAT AMERICAN ENTERPRISE.

GAAP TRAP IS THE DEBT GAAP.... A DEATH TRAP OF THE GREAT AMERICAN ENTERPRISE. The death of an enterprise is the GAAP TRAP creating the DEBT GAAP. By cooking the books the Great American Enterprise is trapped into the GAAP TRAP by the DEBT GAAP. Certified Public Accountants are experts in implementing generally accepted accounting principles in enterprises. However, the three branches of institutional government are founed on a faulty premise that BARS, budgetary accounting reporting system is adequate to run an institution of government. As a result the Federal, State, Local governments are using GAS, govermental accounting standards supported by BARS. The problem is the lack of GAAP doesn't account for future cash payments for obligtions incurred now. So when they come due ther is no cash resources to pay them so more and more debt is incurred beyond what the organzaztion can ever pay back or for rquiring a dissolution of the existing assets in bankruptcy. China could in theroy refuse to continue to take the USA fiat currency or long term Treasures, the putting us in bankruptcy for their land grab of USA farmland to feed their people free of charge. IF THIS IS A CONSPIRACY THEORY WHY IS CHINA CONVERTING TO GAAP FROM BARS. AND ILLINIOIS, CALIFORNIA, STATE OF WASHINGTON ARE CONSIDERING IT AS THE NEW WAVE OF ACCOUNTABILITY FOR BEING FULLY TRANSPARENT TO TAXPAYERS AND BOND HOLDERS. WHY IS THE DEBT CLOCK WWW.USDEBTCLOCK.ORG BECOMING THE ONLY REPRESENTATION OF THE INSOLVENCY OF THE AMERICAN DREAM. AND WWW.OPENTHEBOOKS.COM EXPOSING THE WASTE IN BARS AT ALL LEVELS OF CONSTITUTIONAL GOVERNMENT INSTITUTIONS. Side bar: the podcaster Jerry Rhoads, as a CPA consultant to the State of Illinois headed up a project to convert the state to the accrual basis of accounting in 1977 that was supported by Illinois Governor Walker. After the presentation by Mr. Rhoads the governor decided that he wanted nothing to do with GAAP. When he realized the ramifications of reporting the State’s finances on an accrual basis would show the state to be insolvent, he shelved the project. And to this day the State of Illinois doesn’t report its financial disaster on the accrual basis of accounting … as a result Illinois is third to only California and New York in cooking the books and misleading the voters on the deficit spending financial condition of the Republic. Wake up, America—Save the Enterprise Downsize Big Brother Government and the Brotherhood, Up Size Laissez--Faire Enterprise with www.usdebtclock.org as our score card, not the stock market a derivative bubble that can burst at any time. The only way to manage the future is to convert USA’s systems to generally accepted accounting principles (GAAP) that monitors our budgetary system for planning and execution of our financial plans. Ironically, China is in the process of making these changes in their internal financial reporting. It is becoming evident that the Chinese aspire to have the yuan be the reference currency for worldwide banking and commerce. In that respect they have a commitment to building a new financial system embracing generally accepted accounting principles (GAAP), using People’s Bank of China, their own internet and cryptocurrency with block chain connections worldwide replacing the US dollar for investment, exchange and commerce. They also are interested in stable coins that are collateralized by the value of the underlying asset (i.e., Gold). This would require USA support the use of US or China gold to support a value-based currency. China considers this a weapon to threaten and take supremacy over the dollar. With the current financial upheaval from the Pandemic and a new Administration China is accumulating gold, developing their own internet block chain for making the yuan the new World Order of finance and banking.